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report." all right, yesterday gdp fell slightly. today jobless claims jumped by 38,000. so is the obama economy really slumping? and how stupid is it for the president to dissolve his jobs council, which by the way was nothing more than business window dressing anyway. at least today congress did pass a debt ceiling extension so we won't go bankrupt immediately. joining me now, cnbc chief international correspondent michelle caruso cabrera and laffer. i want to ask you about this whole business. government spending on defense really collapsed and helped bring down yesterday's gdp. >> yes, it did. >> so all the liberals are saying see, we told you so, if you cut spending, you're going to ruin the economy. do you believe that? >> no, not at all. government spending is taxation. milton always said it. the government redistributes resources. you can see it really clearly. two-person world, farmer a and farmer b, if farmer b gets unemployment benefits, who do you think pays for them, farmer a? you know, government spending is taxation. the reason we have the great recession is because of the
conference today, president obama sounds a dire economic warning over the sequester he calls for yet another delay in those spending cuts. and he calls for another tax increase. now it's up to republicans to respond. remember, spending cut sequester goes into effect in 24 days on march 1st. the sequester by the way was originally the president's idea. let's get right to what the president said. john harwood joins us thousanow all the details. >> as you know, there are two ways to go about deficit reduction under the sequester law passed in 2011. one is the full ten year sequester. that's $1.2 trillion in budget cuts over ten years. the other is to do it piece meal. if do you it just for the rest of of the year, it would just be $85 billion. president obama said if congress can't agree with the full pack annual by march 1st, we need to do something smaller in the name of staving off damage to the economy, to consumer, and to federal workers. here's the president. >> if congress can't act immediately on a bigger package, about they can't get a bigger package done by the time the sequester is s
. and guess what today? president obama actually dialed up republican leaders john boehner and mitch mcconnell to talk about the sequester. this is good. it's called communication. we'll have a full report coming up from our man in washington robert costa. remember how we told the other night about how federal workers are still getting pay raises despite a so-called pay freeze? it turns out federal worker pensions are facing huge unfunded liabilities that could bankrupt them and force a new taxpayer bailout. but on the whole, folks, have no fear, america. help is on the way. this is "the kudlow report" and it starts right now. >>> all right. first up tonight the sky is not falling. even the president's own press secretary backed up president obama's sequester threat of mass layoffs. take a listen to jay carney. >> we agree with the consensus estimates here again from private outside economic firms from the congressional budget office that say we would lose, the country would lose up to 750,000 jobs if the sequester were allowed to be implemented. >> talking about hundreds of thousands o
the same size as it was when president obama took office, the unemployment rate today would be over 10%. this is a number nobody talks about anymore. it's a stunning number. there's simply not enough people in the workforce. and that's what makes me worry about the long-term viability of the recovery. >> and people are still withdrawn. 169,000 left the labor force in the month of january. that cannot be good. 8.5 million people are not even over the labor force in the past four years. 8.5 million people have withdrawn from the labor force. i mean, that's a terrible number. i'm not making a case, by the way. i'm not a bull on the economy because i think there are too many problems on policies and whatnot. but these jobs numbers generally, they keep looking very, very, very mediocre. >> i tell my folks back home, we can ignore the rates, ignore the revisions. the one question, the one question only is how many jobs did we create last quarter? until that number is 200,000 or 250,000 i think there's a lot to be concerned with. >> the one thing i'll ask, though, i know you're not here for y
employs. >> this is the worst defense i have heard. this is an obama-type defense on spending cuts. next thing you want is revenues to help the post office go through. what's go pac? i'm sorry. >> it's a teachable moment as guy talked about. this is what happens when you allow the government to come in and run an industry that in treery is private. it is not. any decision the post office wants to make to become more efficient, they have to say mother may i. in this administration you see whether it's the epa that wants to continue to regulate the energy industry, trying to do more in the car industry, trying to take over the health care industry. >> can i just interject? you see the problems between government has mother may i decisions over the economy. >> it has nothing to do with the obama administration. the problems of the post office go back way before president obama existed. the reality is it's an inefficient organization that has to answer to the government to make decisions. the problem is people aren't using the post office. >> let me make a quick point. first of all it's not
Search Results 0 to 4 of about 5